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January 28, 2018

CBE published circular on regulation related to the implementation of IFRS 9. The circular states that banks in Egypt will be required to commit to the preparation of financial statements in accordance with IFRS 9; this will be effective from January 01, 2019 for banks preparing financial statement at the end of December each year and from July 01, 2019 for banks preparing statements at the end of June each year. Banks shall submit to CBE a plan of implementation of IFRS 9, including a specific timeline by the end of June 2018.

Related Link (in Arabic): Circular (PDF)

Effective Date: January 01, 2019 (FY ending in December); July 01, 2019 (FY ending in June)

Keywords: Middle East and Africa, Egypt, Accounting, Banking, IFRS 9, Implementation, CBE

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